Introduction

In November 2002, the Secretary for Housing, Planning and Lands delivered a Statement on Housing Policy in the Legislative Council. It clarified the Government's housing objectives and strategies, premised upon three broad principles:

  • the focus of the Government's subsidised housing policy should be on the provision of assistance to low-income families that cannot afford private rental accommodation.
  • the Government should minimise its intervention in the private property market.
  • the Government should maintain a fair and stable operating environment for the private property market by ensuring adequate land supply and provision of efficient supporting infrastructure.

IN response to changing circumstances in an increasingly complex and diverse housing sector, the Government introduced major reforms to the institutional framework for delivering housing policies and services, following a comprehensive review of the overall supply and demand for housing and strategies in the light of the latest developments in the local property market.

    The revised estimate of public expenditure on housing in 2002–03 was $29.1 billion, or 11 per cent of total public expenditure.

    Total housing stock at December 2002 amounted to 2 305 680 flats, comprising 684 500 public rental housing flats, 375 370 subsidised home ownership flats and 1 245 820 flats in the private sector.